Professor Samuelson's definition of Fiscal Policy
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According to Prof. Samuelson, by a positive fiscal policy we mean the process of shaping public taxation and public expenditure in order to: (i) To help dampen down the swings of a business cycle.
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Paul Samuelson was a noted academic economist who left a lasting imprint on the field. In 1970, Samuelson was the first American to be awarded the Nobel Memorial Prize in Economics for his outstanding contributions. Upon receiving the award, Samuelson was praised for raising "the level of scientific analysis in economic theory." His legacy includes a college textbook called Economics: An Introductory Analysis, first published in 1948, currently in its 19th edition, and available in 40 languages.
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